isfortunes of others, and shewing at the
same time how possible it is, under the present law regulating
joint-stock partnerships, for an honest man, by the most inadvertent
act, to entail misery upon himself, and destitution upon his
offspring.

It is some fifteen or twenty years ago, since a company of two or
three speculative geniuses issued a plan for establishing, in a
delightful glen situated but a few miles from a well-known Welsh port
in the Bristol Channel, a brewery upon an extensive scale. The
prospectus, as a matter of course, promised to the shareholders the
usual golden advantages. The crystal current which meandered through
the valley was to be converted into malt-liquor--so great were the
natural and artificial advantages which combined to effect that
result--at one-half the cost of such a transformation in any other
locality; and the liquor produced was to be of such exquisite relish
and potency, that all Britain was to compete for its possession. So
plausible was everything made to appear, that men of commercially
acquired fortune, of the greatest experience, and of long-tried
judgment, invested their capital in the fullest confidence of success.
Following their example, tradesmen and employers did the same; and, in
imitation of their betters, numbers of persons of the classes of small
shopkeepers and labouring-men invested their small savings in shares
in the 'Romantic Valley Brewery.' The number of joint-proprietors
amounted in all to some hundreds, holding L.20 shares in numbers
proportioned to their means or their speculative spirit. Not one in
fifty of them knew anything of the art of brewing, or had any
knowledge of the locality where the scheme was to be carried out; but
no doubt was entertained of the speedy and great success which was
promised.

The land was bought, the necessary buildings were substantially
erected, and the three principal concocters of the scheme, one of whom
was a lawyer, were appointed to manage the concern, and empowered to
borrow money in case it should be wanted, to complete the plant, and
to work it until the profits came in. They had every advantage for the
production of a cheap and superior article: labour, land-carriage, and
water-carriage, were all at a low charge in the neighbourhood; and
materials, upon the whole, rated rather under than over the average.
Year after year, however, passed away, and not a farthing of dividend
came to the shareholders; promises on